Seoul Is a Currency Pacifist

If Japan's aggressive talk on monetary policy threatens to spark a currency war, then its neighbor, South Korea, is wisely refusing to engage by tinkering with interest rates.

Manufacturing exporters from the two countries like Samsung and Sony, Hyundai and Toyota, often go head-to-head. The yen's rapid weakening should make Japan's exporters more competitive. The won is up more than 6% against the yen since the start of 2013 and...